Tiger Synergy 'on track’ to launch Telaris Alam Impian later this year

KUALA LUMPUR (March 20): Tiger Synergy, which The Edge Malaysia described as a “small property developer” has said it is “on track” to launch Telaris Alam Impian in Shah Alam, Selangor, later this year.

Deputy chairman, Shirley Tan Lee Chin told the weekly that the original plans was to have 945 condominium units and 12 three-storey semi-detached houses, with a total gross development value of RM460 million but things have to scaled down to 227 two-storey link houses with a GDV of RM250 million “to reflect the current market conditions”.

Another project in the pipeline this year is a joint-venture (JV) effort comprising 640 medium-cost apartments on a nine-acre parcel in Shah Alam with a GDV of RM180 million.

Other launches were deferred owing to the current soft market conditions.

“These two new projects will keep us occupied for the next two to three years,” said Tan.

The business publication pointed out that according to the company’s 2018 annual report, other future projects include an affordable housing project on 5.5 acres in Sungai Buloh, Selangor, with a GDV of RM160 million and Telaris Gombak on 1.169 acres in Gombak, Kuala Lumpur, with a GDV of RM150 million — which could be the group’s first commercial development.

Meanwhile, The Aster Residence Cheras (GDV of RM96 million) apartment development will be built on 0.81ha in Cheras, Kuala Lumpur.

The company also owns a 1.875-acre parcel in Seri Kembangan and 2.97 acres in Bukit Serdang, Selangor, said reports.

Tan told the weekly that Tiger Synergy’s outstanding projects currently stand at RM1.2 billion in GDV.

The Edge also noted that the developer “has not launched any new projects in recent years due to the soft property market. Its only completed project is Bukit Sri Putra in Sungai Buloh, Selangor, featuring 170 three-storey link houses”.

Read the full report in this week’s The Edge Malaysia